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The average residential home sale price in Burlington/Hamilton area is estimated at $535,520 in 2016 – a 20% increase compared to 2015’s average of $446,961. The market has continued to see substantial growth!

Low inventory in Burlington/Hamilton area has caused a slow-down in sales. However, Hamilton is expected to get an inventory boost from couple of downtown new development projects, which are due to be completed in a year and a half.

First Time Home Buyers

Most of the first-time home buyers, from all over the GTA are buying homes in Burlington/Hamilton area because of the affordability factor and still being relatively close to Toronto. These people are spending about $300K for older, detached homes in Hamilton and about $500K for townhouses in Burlington.

Condo Market

Burlington/Hamilton area has experienced a demand for condos, due to a large number of young professionals and retirees looking for new and older condos close to downtown. This has caused a 21% sales price increase. Burlington and Hamilton both have large number of condo projects underway and more planned.

Luxury Homes

Sales of homes over $1 million were up from 63 between January and October in 2015, to 146 in 2016 during the same period. Increased activity from first-time buyers moving into the region from the GTA at the lower end of the market has allowed move-up buyers in Hamilton to become more active in the upper-end segment. With price appreciation expected to continue across the GTA and new construction in the upper end of the market in Hamilton-Burlington, demand for luxury homes is expected to remain strong in the region in 2017.

Future Trends

The GO train and LTR projects in Burlington/Hamilton area will continue to boost the local economy and bring lots of activity in the housing market.

New mortgage rules that came in effect at the end of 2016, may slightly, decrease the housing market demand because of a larger down payment that’s now required for both first-time and move-up buyers.

RE/MAX average residential home sale price expectation for Burlington/Hamilton area is 11%.

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Looking to sell your home? Or buy a first time home, or move up, or downsize? Let Lori VanDinther, RE/MAX Sales Representative guide you through the process and help you make the right moves. With over 23+ years of successfully selling real estate in Burlington/Hamilton area, Lori has the experience and market knowledge. Contact Lori today.